Economy News
The Daily Signal reports on economy news with analysis and commentary on growth, recession risks, employment, and financial trends.
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- Opinion
Lessons From Biden’s Reckless Student Loan ‘Forgiveness’ Ploy
President Joe Biden’s new plan to “cancel” up to $10,000 in student loan debt for those making less than $125,000 annually is at once a dereliction of constitutional duty, a crass political gambit in the lead-up to a contested midterm election, and a morally perverse value judgment that lavishes the regime’s insular, well-heeled voting base…Josh Hammer -
- Opinion
Biden’s Spendy, Bloated Government Corrodes Our Economic Freedom
America’s economic freedom is in growing peril. That was one of the core findings of The Heritage Foundation’s 2022 Index of Economic Freedom, published in February. The annual global benchmark report, which compares countries’ economic governance and competitiveness, underscored the urgent need for America to change policy course. The latest index reported that the U.S….Anthony B. Kim -
- Opinion
Why Biden’s Student Loan ‘Forgiveness’ Will Make Inflation, Labor Shortage Worse
Since the pandemic started, the federal government has erased over $100 billion of student loan debt through a moratorium on loan repayments. President Joe Biden just extended that pause yet again—and added $10,000 to $20,000 per borrower in student loan cancellation along with limits on monthly repayments. This comes at a time when out-of-control inflation…Rachel Greszler -
- Opinion
Biden Student Loan Amnesty a Windfall for DC Staffers
After announcing executive action to unilaterally and retroactively wipe away $300 billion in federal student debt, President Joe Biden looked over his shoulder to answer a question: Was this debt forgiveness fair to those who had sacrificed and saved to pay their way through college? Biden deflected. “Is it fair to people who, in fact,…Philip Wegmann -
- Opinion
Biden’s ‘Forgiveness’ of Student Loan Debt Isn’t Just a Bailout. It’s a Slap in the Face.
President Joe Biden announced Wednesday that he will launch a massive effort to “forgive” student loan debt for borrowers who still owe. This plan isn’t just a bailout for well-off college degree holders. It’s a slap in the face for hardworking Americans. It’s a slap in the face to the working-class father who dreamed of…Mary Clare Amselem -
- Opinion
Why Biden’s Student Loan Bailout Is Unfair
In unilaterally “canceling” up to $20,000 in student loan debt for borrowers earning less than $125,000 annually, the Biden administration on Wednesday put into motion a plan that will further inflate college costs, hinder economic growth, reward upper-income earners, and provide a major handout to woke institutions of higher education. The administration has stuck its…Lindsey Burke -
- News
‘Widen the Racial Wealth Gap’: Economist Breaks Down Effects of Biden’s Student Loan Forgiveness
An economics professor from Johns Hopkins University said during a Tuesday CNN appearance that President Joe Biden’s plan to forgive student loan debt would make the racial wealth gap wider and make inflation worse. “The issue is debt cancellation might reduce the racial wealth gap between two rich doctors, a rich black doctor and rich…Harold Hutchison -
- Opinion
‘Forgiving’ Student Loan Debt Would Be Illegal, Raise Inflation
The Biden White House is reportedly considering “forgiving” $10,000 worth of student debt for some borrowers, a move that is likely illegal and definitely will increase inflation and force poor people to subsidize rich people. President Joe Biden is possibly considering subsidizing Americans earning less than $150,000 or $300,000 for married couples filing jointly—households in…Carrie Sheffield -
- Opinion
Beijing’s Economic Problems Complicate Its Designs on Taiwan
As China continues military drills near the island of Taiwan, the tense security environment brings up a question: Is China going to invade Taiwan soon? Fortunately, China’s current economic mess says it’s not likely. A few weeks before House Speaker Nancy Pelosi’s visit to Taiwan, China reported a sharp economic slowdown to 0.4% growth in…Min-Hua Chiang -
- Opinion
Biden Administration Extends Attack on the Free Market in New Rules on Student Debt
Instead of addressing the college debt crisis, the Biden administration has proposed new rules designed to punish for-profit colleges and stick taxpayers with billions of dollars in debt forgiveness. Taxpayers deserve accountability from the Department of Education, not carrots and sticks that interfere with a free marketplace for higher education. The rules, proposed last month,…Adam Kissel -
- Opinion
‘So Goes Housing, So Goes the Economy,’ Rep. Ralph Norman Says
For many Americans, buying a home is one of their greatest financial goals. And the health of the economy is tied directly to our ability to purchase real estate, says Rep. Ralph Norman, R-S.C. “So goes housing, so goes the economy,” Norman says. “The reason that is, you have over 130 trades [involved], from the…Virginia Allen -
- Opinion
‘Inflation Reduction Act’ Should Be Renamed ‘Economic Freedom Reduction Act’
On Sunday, all 50 Senate Democrats voted in lockstep to push through the so-called Inflation Reduction Act, the Biden administration’s big government tax-and-spending bill that will unambiguously undermine America’s economic freedom. The deal between Senate Majority Leader Chuck Schumer, D-N.Y., and Sen. Joe Manchin, D-W.Va., resuscitated key elements of President Joe Biden’s euphemistically named Build…Anthony B. Kim -
- Opinion
Biden Tries to Get Americans to Look Away From Troubling Fact in Unemployment Report
With another strong topline unemployment report released Friday, President Joe Biden already is trying to hide behind the fig leaf of low nominal unemployment, but his party can’t hide the deep economic malaise overshadowing most Americans. Sadly, Democrats want to make things worse with a $740 billion tax-and-spend blowout that would kill jobs and do nothing to fight crippling…Carrie Sheffield -
- Opinion
A Recession by Any Other Name Is Still a Terrible Economy
Having given up fixing the economy, President Joe Biden and his handlers are instead fixing the dictionary. The recent announcement of two consecutive quarters of economic contraction—the traditional start of a recession—is the result of the policies championed by Biden and his allies in Congress. Unprecedented money printing and federal spending make it harder for…Miles Pollard -
- News
‘Can’t Hide the Facts’: Majority of Americans Say We’re in Recession
A majority of Americans believe that the country is currently in the midst of a recession despite the Biden administration’s attempts to redefine the term, an Economist/YouGov poll found. Around 61% of Americans believe that the nation is currently in a recession, according to the poll published Tuesday. The poll reflects Americans’ feeling on the economy amid record…Carl DeMarco -
- News
Economy Adds 528,000 Jobs, Double What Predicted, as Unemployment Dips to 3.5%
The U.S. economy added 528,000 jobs in June, according to Department of Labor data released Friday, more than double economists’ projections of 250,000 new jobs. The unemployment rate edged down to 3.5%, according to the Labor Department’s report, which was also below economists’ predictions of 3.6%, according to The Wall Street Journal. The economy outperformed last month’s high job growth…Max Keating -
- News
Manchin’s Reward for Backing Democrats’ Spending Bill Easily Could Be Thrown Out
Sen. Joe Manchin, D-W.Va., sponsored Democrats' new spending bill shortly before party leaders promised to expedite permits for crucial energy infrastructure; however, the arrangement easily could fall apart as little protections exist to make permitting reform a reality. President Joe Biden, House Speaker Nancy Pelosi, and Senate Majority Leader Chuck Schumer promised Manchin that they…Jack McEvoy -
- News
CHIPS Act an Example of Misguided Public Policy, Heritage Foundation President Says
The conservative movement at its best focuses on the lives of real Americans, Heritage Foundation President Kevin Roberts said at the recent American Economic Forum in Washington. “We have to get out of the habit of spending so much and expecting modern monetary theory and/or inflation to pay down debt,” Roberts said, adding that the…Gillian Richards -
- Opinion
Whoops! Department of Education Makes $300 Billion Accounting Mistake on Student Loans
What’s $300 billion between friends? A new report from the Government Accountability Office details a breathtaking discrepancy between what the federal government claimed the student loan program would generate, and what it actually costs taxpayers. As GAO explains: “Although the Department of Education originally estimated federal Direct Loans made in the last 25 years would…Lindsey Burke -
- Opinion
Ignore the Doublespeak: We’re in a Recession
American families cannot afford what they were purchasing just a year and a half ago. That means a lower standard of living, but don’t expect any sympathy from Biden administration officials. Their focus seems to be on technicalities, not the average American’s cost of living. The latest economic doublespeak from the Biden administration is a…EJ Antoni